I"m anticipating budgeting $75,000 to rehab the building.

So is the current situation entirely being driven by COVID, or is COVID just starting the broader market correction many have been anticipating? 

@michele Velaquez, you bought a place because you anticipated just $50 cashflow?

But if all you are looking at is the appreciation then getting that negative cashflow may be a bit more detrimental than you anticipate. 

Some areas of interest are: is the property going to be harder to sell, what kinds of issues should I anticipate, has anyone ever dealt with this before, etc etc.

Some questions I do have is, for those who have developed raw land - what are some questions I need to ask, how much do I need to anticipate investing into research, appraisals, professional advice, etc? 

From the gross income we generate we put 10% into a reserve account to cover the unexpected, 10% into a capital account to cover needs we can anticipate (replacement of furnaces, roofs, etc.), 10% into an upgrade account (improvements to make our properties more marketable), 10% into an account to make contributions to the local community to improve our neighborhoods and fund necessary social services, 10% into an account for future real estate purchases, 50% to cover debt service, taxes, insurance, maintenance & repair, holding costs, business expenses.

But no doubt I'll anticipate some wear/tear, especially if I rent it out.

My question is what are the next steps that I should anticipate.

Is there really no anticipated management or vacancy fees on this?